Telford Homes shares bounce thanks to Olympics buildup

The Aquatics Centre as construction continues at the Olympic Park in east London. Photograph: Anthony Charlton/ODA/PA

Shares in residential property developer Telford Homes have bounced almost 14% after it said its full-year results will be "materially ahead of expectations" due to a recovery in prices in east London.

"(The) regeneration surrounding the buildup to the 2012 Olympics (continues) to stimulate demand," the company said in a trading statement ahead of its results for the year to 31 March, to be released on 26 May.

Even after the rise, at 100p, its shares have been flat over the past six months due to investor nervousness about credit availability for individual property buyers.

In February, Telford raised £7.2m through a share placing, done at 80p a share.